Items Tagged with 'Brian Moynihan'

ARTICLES

Bank of America plans to raise the minimum wage of its 205,000 employees this year, eventually boosting it to $20 per hour within the next two years. CEO Brian Moynihan said Tuesday on MSNBC that the bank will increase pay to $17 per hour starting May 1st, climbing incrementally until it lands at $20 in 2021.

As of late, lenders are focusing a lot more on changing the mindset behind the supposed 20% down payment requirement in order to help more potential homeowners. And the CEO of one of the largest banks is included in this new wave of thinking. And no, the change won't add a bunch of risk into the market.

The Trump Administration recently stated that they are actively considering splitting giant banks. So, coming from the leader of one of the biggest banks, Bank of America CEO Brian Moynihan explained why this idea would harm the financial system.

Bank of America shocked the market a bit last week, when it announced the departure of Bruce Thompson, the bank’s chief financial officer and chief risk officer, without a great deal of explanation as to why Thompson was leaving. Now, a Reuters report sheds some light onto the supposed reason that Thompson is stepping down.

Despite seeing a $3 billion jump in its net income in the second quarter, Bank of America is shaking up its senior management, replacing Bruce Thompson, the bank’s chief financial officer and chief risk officer, and making other moves.

Commentary

Every day, people in your community are looking for a new place to call home. But in the age of the digital shift, they are now getting most of that information from their mobile devices rather than more traditional sources.